October 17, 2019 / 6:46 AM / a month ago

Kenya's president rejects finance bill that retained interest rate caps - senior lawmaker

NAIROBI, Oct 17 (Reuters) - Kenya’s President Uhuru Kenyatta has rejected the 2019/20 budget measures that retained caps on commercial lending rates the finance ministry wanted scrapped, a senior lawmaker said on Thursday.

Majority leader Adan Duale told Reuters that parliament will meet in the next two weeks to consider the president’s recommendations on the contents of the measures - known as the Finance bill.

In 2016, the government limited rates banks can charge customers at four percentage points above the central bank’s benchmark - currently 9% - saying they were concerned about high rates. (Reporting by George Obulutsa; Editing by Giulia Paravicini and Darren Schuettler)

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